Trakm8 buys DCS Systems
Telematics and data provider Trakm8 Holdings PLC has bought DCS Systems Ltd for £3.3 million.
Cornwell-based DCS specialises in the design and distribution of camera systems for motor vehicles, bicycles and security markets, and trades under the three main brands of RoadHawk, Dogcam and Lawmate. DCS reported a £0.6 million pretax profit on revenue of £2.8 million at the end of the last financial year.
Trakm8 said it funded the acquisition from its existing cash and bank facilities, adding that it has obtained a further debt facility of an additional £2 million, taking the total debt facility to £5.7 million, with £3.7 million is now drawn down following the acquisition.
Trakm8 added that it has appointed Sean Morris as group engineering director and Mark Watkins as group operations director, as well as Bill Duffy as an independent non-executive director.
In a statement, chairman John Watkins said: ‘The acquisition of DCS marks another significant milestone in Trakm8’s growth strategy and reflects the growing demand from our fleet and insurance customers for camera applications. We plan to deepen the integration of the camera technology into our telematics solutions for both our fleet and insurance clients.
‘Video data is increasingly used to monitor behaviour and to replay outcomes. The increase in the richness of the data generated by our telematics solutions will continue the trend of the increasing value for money in our propositions.’